Monday, March 29, 2021 / by Vyral Marketing
Many of my clients have been wondering why demand is staying strong even though prices continue to skyrocket. There’s not really a simple answer; instead, this phenomenon is occurring for a variety of reasons, including low interest rates, an influx of people moving into the Phoenix area, and the ongoing pandemic.
Interest rates are at their lowest in history, which has made homes more affordable in spite of increasing prices. On top of this, many homebuyers are moving in from different areas of the country. Arizona has been an affordable place to live in for years, and since so many people are now able to work remotely, more and more have taken the opportunity to move to our great state.
"Interest rates are at their lowest in history, which has made homes more affordable despite increasing prices."
As a side effect of the uptick in remote workers, we’ve also seen many people buying second homes. Anymore, it’s not just retirees who are looking to travel here in the winter months and leave when things warm up in their home state. Now, we’re seeing working-class people of all ages simply looking to get away from the cold.
If you’re thinking about buying or selling a home in our area, feel free to reach out to me. I’d be happy to answer any questions you may have and provide you with the information you need. Until then, I look forward to hearing from you soon.